1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the primary market, two REITs projects had their status updated, and the Shenzhen Stock Exchange officially launched the non - targeted expansion business function for REITs, promoting the standardized and diversified development of the REITs market [3]. - In the secondary market, the REITs index rose, market activity increased, with the total market value reaching 207.87 billion yuan and the daily average turnover rate at 0.74%.特许经营权类 REITs outperformed, and the transportation infrastructure sector led the gains [3]. 3. Summary by Relevant Catalogs 3.1 Primary Market Issuance Dynamics - As of July 4, 2025, 10 public REITs products were successfully issued this year, one less than the same period last year. There were 3 products in the "accepted" state, 6 with exchange feedback, and 6 passed the review (1 completed the offering, 2 completed the inquiry, 2 started the inquiry on July 1, and 1 completed the expansion). Currently, there are no products in the "declared" and "inquired" stages [8]. - During the week from June 30 to July 4, 2025, the review status of two REITs projects was updated. The review status of the Chuangjin Hexin Electronic City Industrial Park REIT was updated to "exchange feedback received", and that of the Huaxia Anbo Warehouse Logistics REIT was updated to "accepted" [3][9]. 3.2 Secondary Market Review and Analysis 3.2.1 Market Scale - As of July 4, 2025, the total market value of public REITs in the whole market increased to 207.87 billion yuan, an increase of 1.796 billion yuan from the previous week. The total circulating market value also increased to 97.233 billion yuan, with a weekly increase of 2.521 billion yuan. The daily average turnover rate this week was 0.74%, an increase of 0.13% from the previous week, indicating a slight increase in market trading activity [12]. 3.2.2 Price Changes and Volatility - In the week of July 4, 2025, the CSI REITs Total Return Index closed up 0.66%, outperforming the ChinaBond - New Composite Wealth Total Index (0.17%) but lagging behind the Dividend Index (2.08%), the CSI 300 Index (1.54%), and the CSI Convertible Bond Index (1.21%) [15]. - From the perspective of market volatility, the volatility of the CSI REITs Total Return Index this week was 0.51%, higher than that of the Dividend Index (0.47%), the CSI 300 Index (0.22%), the ChinaBond - New Composite Wealth Total Index (0.04%), and the CSI Convertible Bond Index (0.35%) [15]. - By project attribute, the weighted average weekly price change of franchise - based REITs was 0.95%, better than the 0.48% of property - based REITs. By underlying asset type, the transportation infrastructure sector led with a weighted average weekly increase of 1.11%, while the warehouse logistics sector was the only one to decline (- 0.18%) [16][18]. - At the individual bond level, the China Green Development Commercial Asset REIT led with a weekly increase of 6.50%, followed by the E Fund Huayi Farmers' Market REIT (5.25%) and the Huaxia Nanjing Expressway REIT (3.91%) [20]. 3.2.3 Turnover Rate and Valuation - In terms of weekly trading volume, industrial park infrastructure REITs ranked first with 241 million shares, followed by consumer infrastructure (156 million shares), transportation infrastructure (93 million shares), affordable rental housing (86 million shares), warehouse logistics (80 million shares), municipal environmental protection and water conservancy (48 million shares), and energy infrastructure (36 million shares). In terms of weekly turnover rate, the municipal environmental protection and water conservancy sector led with 1.70% [23]. - As of July 4, 2025, the average cash distribution rate of property - based REITs was 3.73%, with consumer infrastructure at 4.13% leading. The average cash distribution rate of franchise - based REITs was 8.12%, with municipal facilities at 11.55% leading. In terms of the ChinaBond REITs valuation yield (IRR), property - based REITs (3.88%) were higher than franchise - based REITs (3.40%). The PV multiplier of franchise - based REITs (1.26) was lower than that of property - based REITs (1.32) [24].

Group 1: Heavy Truck Industry - In June 2025, heavy truck sales in China saw a significant year-on-year increase, with wholesale and terminal sales growing approximately 29% and 36% respectively [4][5] - The overall beta of heavy trucks has strengthened due to strong internal demand, with a cumulative wholesale and terminal sales growth of about 6% and 16% respectively in the first half of 2025 [4] - The "old-for-new" policy is expected to accelerate demand, with the wholesale sales of heavy trucks in Q3 2025 likely to continue to rise, potentially leading to a non-seasonal peak [5][6] Group 2: Investment Strategy and Recommendations - The heavy truck industry is rated as "recommended," with key companies such as China National Heavy Duty Truck Group and Foton Motor expected to benefit from high operational leverage and new growth opportunities [6] - The report emphasizes the importance of capturing upward turning points in the market, particularly in the context of domestic demand recovery and high export penetration rates [6] Group 3: Toy Manufacturing Industry - Derlin International, a leading global toy manufacturer, is set to launch a new factory in Indonesia mid-2025, which will enhance its production capacity and meet growing customer demands [10][12] - The company reported a revenue of HKD 5.45 billion in 2024, with a net profit of HKD 740 million, indicating a slight revenue increase but a decline in net profit [10][11] - The North American market remains the largest for Derlin International, accounting for 42.26% of total sales in 2024, while the company is actively diversifying its customer base to mitigate risks associated with high customer concentration [11][12] Group 4: Pharmaceutical Industry - The report provides insights into Japan's healthcare modernization, highlighting the balance between quality, efficiency, and cost, which can serve as a reference for China's healthcare reforms [14][15] - Japan's healthcare system has achieved high life expectancy and low infant mortality rates while maintaining manageable healthcare costs, with a significant proportion of elderly citizens [14][15][16] Group 5: Gold Market Analysis - The report outlines the core logic behind gold price fluctuations, emphasizing its role as a non-renewable resource and its dual function as a consumption good and investment asset [19][20] - Investment demand for gold is projected to remain strong, with central bank purchases and jewelry demand being significant contributors to overall demand [20][21] - The report discusses the impact of actual interest rates on gold prices, noting that rising rates typically exert downward pressure on gold prices, while lower rates enhance its attractiveness [22][23] Group 6: Robotics Industry - The establishment of a 10 billion RMB humanoid robot industry investment fund in Hubei province aims to support key enterprises and technologies in the humanoid robotics sector [35][40] - Companies like Stepper have launched advanced torque motors and hollow actuators, indicating ongoing innovation and product development in the robotics field [36][40] - The report highlights the rapid growth and commercialization of humanoid robots, suggesting a significant investment opportunity in this emerging market [40][41]

Investment Rating - The report assigns a positive investment rating to the company, indicating a favorable outlook for its growth and performance in the market [4]. Core Insights - The company has successfully transitioned from an online medical beauty platform to a physical service entity, marking a significant strategic shift towards vertical integration in the industry [6][4]. - As of June 30, 2025, the company operates 31 clinics, making it the largest light medical beauty chain in China, with its chain business becoming the largest revenue contributor [4]. - The company aims to expand its clinic network to 1,000 locations by the end of 2025, focusing on high-value markets in major cities [7]. Summary by Sections Recent Performance - The company's stock has shown impressive growth, with a 239.21% increase over the past month and a 234.25% increase over the past year, significantly outperforming the S&P 500 [3]. - As of July 3, 2025, the company's market capitalization stands at $325.73 million [3]. Business Transformation - The company has shifted its focus from online services to offline medical beauty services, responding to competition from platforms like Alibaba Health and Meituan [6]. - The first self-operated clinic opened in May 2023, and the company has since established strategic partnerships to enhance its service offerings [6]. Financial Performance - In Q1 2025, the company reported revenues of 297 million yuan, with a notable 551.4% increase in medical beauty treatment service revenue [7]. - The company anticipates Q2 2025 medical beauty treatment service revenues to reach between 120 million and 140 million yuan, reflecting a substantial year-over-year growth [7]. Operational Efficiency - The company has implemented digital tools to enhance operational efficiency, including management systems and customer engagement platforms [7]. - The average monthly revenue per clinic reached 4.7 million yuan, with a profit margin of 17% [7].

Investment Rating - The report maintains a "Recommended" rating for the new materials industry [1]. Core Viewpoints - The new materials sector is a crucial direction for the future development of the chemical industry, currently experiencing rapid growth in downstream demand. With policy support and technological breakthroughs, domestic new materials are expected to accelerate their long-term growth. The new materials industry serves as a foundational industry, providing the material basis for other sectors. The report emphasizes the importance of identifying and tracking companies with strong core supply chains, research capabilities, and excellent management in key areas such as electronic information, new energy, biotechnology, and environmental protection [4][16]. Summary by Relevant Sections 1. Electronic Information Sector - Focus areas include semiconductor materials, display materials, and 5G materials [5]. - Recent developments include the lifting of U.S. export restrictions on chip design software to China, allowing companies like Siemens and Synopsys to resume full access for Chinese clients [6][24]. - Samsung Display and LG Display have begun procurement for the iPhone 17 series, with an expected production of approximately 110 million OLED panels [7][25]. 2. Aerospace Sector - Key materials of interest are PI films, precision ceramics, and carbon fiber [9]. - GE Aerospace has been granted permission to export jet engines to COMAC, which will supply engines for the C919 aircraft [10]. 3. New Energy Sector - Focus areas include photovoltaics, lithium-ion batteries, proton exchange membranes, and hydrogen storage materials [11]. - Major photovoltaic glass manufacturers plan to collectively reduce production by 30% starting in July, which is expected to improve the supply-demand balance in the domestic market [11]. 4. Biotechnology Sector - Key areas of focus include synthetic biology and scientific services [12]. - A new synthetic biology research platform has been established to integrate AI with synthetic biology, aiming to enhance innovation and technology development [14]. 5. Energy Conservation and Environmental Protection Sector - Focus areas include adsorption resins, membrane materials, and biodegradable plastics [15]. - The Ministry of Ecology and Environment has initiated inspections in several provinces to enhance environmental protection efforts [16]. Key Companies and Earnings Forecast - The report highlights several key companies with their respective stock prices and earnings per share (EPS) forecasts for 2024 to 2026, indicating a mix of "Buy" and "Hold" ratings based on their projected performance [17].

Investment Rating - The coal mining industry is rated as "Recommended" [7] Core Views - The coal supply-demand relationship continues to optimize under high-temperature conditions, with port coal prices rising and inventory decreasing [4][72] - The production side shows a tightening trend, with a decrease in capacity utilization in Shanxi and a reduction in transportation volumes [4][72] - The demand side is supported by power plants replenishing inventory in anticipation of increased consumption due to high temperatures [4][72] Summary by Sections 1. Thermal Coal - Port coal prices increased to 623 RMB/ton, up 3 RMB/ton week-on-week [4][72] - Inventory at northern ports decreased by 797,000 tons week-on-week [30] - Daily consumption at coastal power plants rose by 80,000 tons week-on-week [24][72] 2. Coking Coal - Supply of coking coal has improved, with capacity utilization rising by 1.04 percentage points [5][41] - Coking coal prices at ports remained stable, with the average price at 1,230 RMB/ton [42] - Coking coal inventories at production enterprises decreased by 586,200 tons week-on-week [47] 3. Coke - Coking enterprises are experiencing a decline in production rates due to rising costs from coking coal prices [50] - The average profit per ton of coke is approximately -46 RMB, indicating a decrease in profitability [54] - Steel mills are replenishing raw material inventories, leading to a reduction in coke inventories [62] 4. Anthracite - Anthracite prices remained stable, with the price at 820 RMB/ton [68] - Demand from non-electric sectors remains weak, with procurement primarily focused on long-term contracts [68] 5. Key Companies and Profit Forecasts - Key companies to focus on include China Shenhua, Shaanxi Coal, and Yanzhou Coal, all rated as "Buy" [8] - The report highlights the strong cash flow and asset quality of leading coal companies, emphasizing their investment value [7][8]

证券研究报告 2025年07月06日 计算机 稳定币产业加速，数字金融进入新阶段 ——计算机稳定币研究专题 评级：推荐(维持) 刘熹(证券分析师) 郭义俊(联系人) S0350523040001 S0350124070015 liux10@ghzq.com.cn guoyj@ghzq.com.cn 最近一年走势 相关报告 -16% 4% 25% 45% 66% 86% 2024/07/04 2024/10/02 2024/12/31 2025/03/31 2025/06/29 计算机 沪深300 《模型性能不断提升，AI应用进入兑现期——计算机AI应用月度跟踪（2025- 05）（推荐）*计算机*刘熹》——2025-05-26 《计算机行业深度：大模型研究框架（2025）——"大模型"系列（5）（推 《域控制器研究框架——计算机"智能驾驶"系列专题二（推荐）*计算机*刘 熹》——2025-06-24 《计算机行业点评报告：特斯拉Robotaxi商业化时刻将至（推荐）*计算机*刘 熹》——2025-06-15 《计算机行业动态研究：稳定币头部企业Circle IPO，数字货币发展加速（推 荐）*计算机*刘熹》— ...

2025 年 07 月 06 日 资产配置报告 投资要点： 本篇报告解决了以下核心问题：1、当前中国宏观经济形势如何；2、当 下最优的大类资产配置策略是什么；3、如何看待和投资红利资产。 最近一年走势 相关报告 《公募 REITs 周报：一级市场项目进展顺利，二级 市场收益承压*林加力》——2025-07-02 《公募 REITs 周报：REITs 迎里程碑事件，首批数 据中心项目获批*林加力》——2025-06-23 《资产配置报告：2025 陆家嘴论坛点评——金融 开放与改革并举*林加力》——2025-06-21 《公募 REITs 周报：REITs 指数延续涨势，产权类 本周走强*林加力》——2025-06-16 《5 月资金流向月报：资金面宽松，科创 ETF 净流 入*徐凝碧，林加力》——2025-06-15 | 研究所： | | | | --- | --- | --- | | 证券分析师： | | 林加力 S0350524100005 | | | | linjl01@ghzq.com.cn | | 联系人 | ： | 许潇琦 S0350125030006 | | | | xuxq01@ghzq.co ...

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Viewpoints - The signing of a 200MW power supply agreement between Google and Commonwealth Fusion Systems (CFS) is a strong validation of the commercial viability of nuclear fusion technology [5][6] - The increase in nuclear fusion project tenders since 2025 indicates a growing interest and investment in this sector, with various domestic projects accelerating [6] - The report emphasizes that nuclear fusion is a crucial solution to humanity's energy challenges, and the competition in this field is intensifying globally [6] Summary by Sections Recent Performance - The utility sector has shown a performance of 1.7% over the last month, 2.7% over the last three months, and a decline of 2.1% over the past year, compared to the CSI 300 index which has increased by 2.9%, 3.1%, and 15.6% respectively [4] Key Investment Points - CFS's tokamak technology has completed feasibility verification, with assembly starting in March 2025 and expectations to achieve Q>1 by 2027 [6] - The report suggests focusing on companies with significant project positioning advantages, including Guoguang Electric, Hezhong Intelligent, and others in various segments such as power systems and materials [6][8] Focused Companies and Earnings Forecast - The report lists several companies with their respective stock prices and earnings per share (EPS) forecasts for 2024A, 2025E, and 2026E, indicating their potential growth and investment ratings [8]

Group 1: Gold Price Trends - Gold prices have shown a significant upward trend, surpassing $1,000 per ounce in March 2008, $2,000 in August 2020, and reaching over $3,000 in March 2025[2][18] - The average production cost of gold increased by 45% from $1,003 per ounce in Q4 2020 to $1,456 in Q3 2024, while gold prices rose by 32% during the same period[6][30] - Investment demand for gold reached 42.1% of total demand in Q1 2025, up from an average of 29.1% from 2010 to 2024[4][22] Group 2: Demand Sources - The four main sources of gold demand are jewelry (43.7%), central bank purchases (23.6%), investment (25.7%), and technology (7.1%) as of 2024[4][19] - Central banks have consistently purchased over 1,000 tons of gold annually from 2022 to 2024, accounting for nearly 30% of global mine production[4][24] - Gold jewelry demand averaged 49.6% of total demand from 2010 to 2024, making it the largest source of gold consumption[4][19] Group 3: Economic Influences - Actual interest rates are a key driver of gold price fluctuations; as rates rise, gold becomes less attractive compared to interest-bearing assets[7][35] - The U.S. Federal Reserve raised interest rates 11 times from March 2022 to July 2023, totaling 525 basis points, which pressured gold prices down from $2,050 to $1,820 per ounce[7][35] - Global debt levels reached approximately $324 trillion in Q1 2025, with a $7.5 trillion increase in just three months, raising concerns about economic stability and boosting gold's appeal as a safe haven[10][50] Group 4: Market Dynamics - Market liquidity significantly impacts gold prices; increased liquidity typically raises gold demand, while tightening liquidity can lead to price declines[8][40] - In August 2020, gold prices exceeded $2,000 per ounce due to the Federal Reserve's quantitative easing measures during the pandemic[8][40] - A survey indicated that 95% of central banks plan to increase their gold reserves in the next 12 months, the highest level since 2019, reflecting a growing trend towards gold accumulation[11][54]

Group 1 - The core viewpoint of the report highlights that Langke Technology (300042.SZ) is actively positioning itself within the computing power ecosystem, benefiting from the "East Data West Computing" initiative in Shaoguan [2][3] - Langke Technology is a leader in the storage industry, having been established in 1999 and listed on the Growth Enterprise Market in 2010, with a product range that includes SSDs, DDR, embedded storage, and mobile storage [3] - The company experienced a decline in revenue from 2022 to 2024, with figures of 1.772 billion, 1.088 billion, and 0.829 billion yuan respectively, reflecting year-on-year decreases of 7.36%, 38.63%, and 23.73% due to weak terminal demand and falling product prices [3] Group 2 - The global storage market is expected to enter an upward cycle driven by increased shipments of electronic devices and data center construction, with the NAND Flash market in China accounting for approximately 36% and DRAM for about 62% [4] - The global smartphone market is projected to rebound strongly in 2024, with shipments reaching 1.22 billion units, a year-on-year increase of 7% [4] - The global data center market is estimated to be worth approximately 82.2 billion USD in 2023, with a year-on-year growth of 10.04%, and is expected to reach 96.8 billion USD by 2025 [4] Group 3 - Shaoguan is the only node in South China for the "East Data West Computing" initiative, with 22 intelligent computing center projects and a total investment of 62.1 billion yuan as of the end of 2024 [5] - The city plans to establish 500,000 standard racks and 5 million servers by 2025, with an investment exceeding 50 billion yuan, significantly enhancing the computing power capacity in the Guangdong-Hong Kong-Macao Greater Bay Area [5] - Langke Technology, backed by the Shaoguan State-owned Assets Supervision and Administration Commission, is expected to become a strategic investment hub in the region's computing power layout [5] Group 4 - The company's main storage business is anticipated to benefit from a recovery in industry demand, with projected revenues of 0.851 billion, 1.046 billion, and 1.301 billion yuan from 2025 to 2027, and net profits of -0.031 billion, 0.146 billion, and 0.217 billion yuan respectively [6] - The report assigns a price-to-sales ratio (PS) of 6, 5, and 4 for the years 2025 to 2027, indicating a positive outlook for the company's financial performance [6]